Woodline Partners LP Sells 601,124 Shares of Procore Technologies, Inc. $PCOR

Key Points

• Woodline Partners LP drastically reduced its stake in Procore Technologies by 86.9%, selling 601,124 shares and retaining only 90,856 shares valued at approximately $6 million.
• Several large investors have recently adjusted their positions in Procore, with institutional investors now owning 81.10% of the company's stock.
• Procore Technologies reported earnings of $0.35 EPS for the quarter, exceeding analyst expectations and showing a revenue increase of 13.9% year-over-year.

Woodline Partners LP reduced its stake in shares of Procore Technologies, Inc. (NYSE:PCOR - Free Report) by 86.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 90,856 shares of the company's stock after selling 601,124 shares during the quarter. Woodline Partners LP owned about 0.06% of Procore Technologies worth $5,998,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the company. Two Sigma Investments LP raised its position in shares of Procore Technologies by 5.3% during the fourth quarter. Two Sigma Investments LP now owns 4,181 shares of the company's stock worth $313,000 after acquiring an additional 210 shares during the last quarter. Park Avenue Securities LLC lifted its position in Procore Technologies by 1.7% during the 1st quarter. Park Avenue Securities LLC now owns 12,934 shares of the company's stock valued at $854,000 after purchasing an additional 221 shares during the period. Xponance Inc. boosted its stake in shares of Procore Technologies by 1.8% in the 1st quarter. Xponance Inc. now owns 14,864 shares of the company's stock valued at $981,000 after purchasing an additional 263 shares during the last quarter. TFB Advisors LLC boosted its stake in shares of Procore Technologies by 8.1% in the 1st quarter. TFB Advisors LLC now owns 3,543 shares of the company's stock valued at $234,000 after purchasing an additional 264 shares during the last quarter. Finally, Procyon Advisors LLC lifted its holdings in Procore Technologies by 8.6% in the first quarter. Procyon Advisors LLC now owns 3,514 shares of the company's stock valued at $232,000 after buying an additional 278 shares during the period. Institutional investors and hedge funds own 81.10% of the company's stock.

Insider Transactions at Procore Technologies

In other Procore Technologies news, CFO Howard Fu sold 797 shares of the stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $63.85, for a total value of $50,888.45. Following the completion of the sale, the chief financial officer owned 189,457 shares in the company, valued at $12,096,829.45. This trade represents a 0.42% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Benjamin C. Singer sold 4,205 shares of Procore Technologies stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $63.67, for a total transaction of $267,732.35. Following the completion of the transaction, the insider directly owned 86,366 shares of the company's stock, valued at approximately $5,498,923.22. This trade represents a 4.64% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 43,613 shares of company stock worth $3,028,247 in the last 90 days. Corporate insiders own 21.50% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on PCOR. Robert W. Baird increased their price target on Procore Technologies from $83.00 to $88.00 and gave the company an "outperform" rating in a research note on Monday, July 28th. Mizuho raised their target price on Procore Technologies from $65.00 to $70.00 and gave the stock a "neutral" rating in a report on Friday, August 1st. Stifel Nicolaus boosted their price objective on shares of Procore Technologies from $75.00 to $80.00 and gave the company a "buy" rating in a report on Friday, August 1st. DA Davidson initiated coverage on shares of Procore Technologies in a research report on Monday, August 4th. They set a "neutral" rating and a $70.00 price target on the stock. Finally, Arete initiated coverage on shares of Procore Technologies in a report on Monday, June 16th. They issued a "buy" rating and a $91.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, Procore Technologies currently has a consensus rating of "Moderate Buy" and an average price target of $83.06.

Procore Technologies Stock Performance

Shares of PCOR opened at $69.67 on Friday. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.02. Procore Technologies, Inc. has a 12 month low of $53.71 and a 12 month high of $88.92. The firm has a fifty day simple moving average of $69.16 and a 200 day simple moving average of $67.62. The stock has a market capitalization of $10.46 billion, a price-to-earnings ratio of -72.57 and a beta of 0.90.

Procore Technologies (NYSE:PCOR - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The company reported $0.35 EPS for the quarter, topping analysts' consensus estimates of $0.24 by $0.11. The company had revenue of $323.92 million during the quarter, compared to the consensus estimate of $311.91 million. Procore Technologies had a negative net margin of 11.58% and a negative return on equity of 7.66%. The company's quarterly revenue was up 13.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.39 EPS. Procore Technologies has set its FY 2025 guidance at EPS. Q3 2025 guidance at EPS. Research analysts forecast that Procore Technologies, Inc. will post -0.15 EPS for the current fiscal year.

Procore Technologies Profile

Procore Technologies, Inc engages in the provision of a cloud-based construction management platform and related software products in the United States and internationally. The company's platform enables owners, general and specialty contractors, architects, and engineers to collaborate on construction projects.

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